Beverly Hills, CA.—June 22, 2007– Royal Philips Electronics (NYSE: PHG, AEX: PHI) today will sell a majority stake in Ommic S.A. to Financière Victoire of France, a European subsidiary of OpenGate Capital, for an undisclosed amount.
Ommic S.A. develops and manufactures semiconductor wafers based on gallium arsenide technology for specific applications such as wireless telecoms infrastructure, optical networks and automotive mobile TV. The sale of Ommic S.A. represents another step Philips is taking to focus on its Healthcare, Lifestyle and Technology activities supported by the strength of the company’s brand. Ommic will remain based in Paris and subject to French law and governance. The sale is expected to close in the second quarter of 2007. Ommic represents and serves some of the most prestigious Global 1000 companies in an array of markets ranging from Space/Defense, Technology, Telecom and Automotive.
About OpenGate Capital: OpenGate Capital is a private buyout firm focused on principal investing in high-growth/change-intensive businesses, as well as underperforming and turnaround situations. The firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. The principals of OpenGate Capital have a long and successful history of investing with management partners across a wide range of industries and transaction types, including leverage buyouts, recapitalizations, corporate divestitures and spin-offs, build-ups and venture stage investing.
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is a global leader in healthcare, lifestyle and technology, delivering products, services and solutions through the brand promise of “sense and simplicity”. Headquartered in the Netherlands, Philips employs approximately 124,300 employees in more than 60 countries worldwide. With sales of EUR 27 billion in 2006, the company is a market leader in medical diagnostic imaging and patient monitoring systems, energy efficient lighting solutions, personal care and home appliances, as well as consumer electronics.